Mining is a key contributor to the Ontario economy, as well as an engine for regional development and value-add generation. Though the number fluctuates with various commodity price changes, mining in Ontario produces revenues of around $10 billion per year (see Ontario Mineral Production Highlights: 2015 and our most recent Economic Report). Since 90% of the inputs to production are Canadian and 75% of mineral output is exported to markets in the United States, Europe and Asia, the mining industry contributes immensely to improving Ontario's international balance of trade.
The impact of mining goes beyond mineral extraction and processing. Mining is linked to many other industries and sectors in the economy, including transportation, construction, equipment manufacturing, environmental management, geological services, education and research, among others. According to this report, 256,000 people are employed in Ontario's mineral cluster. The industry provides a major boost to our financial sector: the Toronto Stock Exchange (TSX) is the leading global mining exchange, listing more of the world's public mining companies and raising more mining equity capital than any other exchange - view charts that illustrate the capital opportunity that mining offers Ontario.
A new University of Toronto study, commissioned by the OMA and produced with the support of the Ministry of Northern Development and Mines, shows that the benefits from opening just one new gold mine include more than $102 million in tax revenue for all levels of government annually, the creation of a large number of highly skilled, high paying jobs, enhancements to Ontario's Gross Domestic product, gains in the province's trade balance, support for infrastructure development, and more opportunities for Aboriginal Canadians.
An Au-thentic Opportunity:The Economic Impact of a New Gold Mine in Ontario (2014 study on the economic impacts of a representative gold mine in Ontario)
Mining: Dynamic and Dependable for Ontario's Future (2012 Economic Contribution Study)
Mining: Dynamic and Dependable for Ontario's Future (PowerPoint Presentation)
Ontario Mining: A Made-in-Ontario Success Story (2009 Economic Contribution Study)
Ontario Mining: A Partner in Prosperity Building (2007 study on the economic impacts of a representative base metal mine in Ontario)